5833 replies to this topic

[Nparker]

Locally, BC Transit has proven to be unreliable. It's a risk to choose your home based on its proximity to transit.

[MarkoJ]

[dasmo]

House prices vs. incomes in Canada from 1984 to 2022

https://www.threads....ost/C3Kuiv2ONv2

[Matt R.]

Here’s an unusual one, awfully new for nickel bros! Funny, no kitchen. Wonder if it was built as a carriage house or a garage conversion?

https://www.nickelbr...od-coach-house/

[dasmo]

Funny because when I built my house and went to get my 40% done draw they told me “you’re 40% done when the kitchen is in!”

[Victoria Watcher]

The Bank of Japan's lending rate for overnight borrowing by banks was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy.

It was the first rate hike since February 2007.

https://abcnews.go.c...pting-108262514

Edited by Victoria Watcher, 19 March 2024 - 11:38 AM.

[dasmo]

Free money. Crazy. I’m curious what it’s actually like there if you are looking to borrow money.

[Mike K.]

Probably high service fees.

[dasmo]

Probably high service fees.

Must be something like that.  There are a lot of cheap properties there. 

[Victoria Watcher]

15% of Japanese housing is vacant. 8 million homes empty.

Edited by Victoria Watcher, 19 March 2024 - 01:22 PM.

[Nparker]

15% of Japanese housing is vacant. 8 million homes empty.

Sounds like we have a solution to Canada's housing "crisis".

[Tony]

Cities like Kyoto, which is planning to introduce a vacant house tax, are beginning to roll out new initiatives aimed at promoting the use of empty homes. 

[aastra]

 

15% of Japanese housing is vacant. 8 million homes empty.

 

Lucky for them there's no shortage of land over there like there is in Canada and the US.

[lanforod]

I thought their issue is lack of population, not surplus of empty houses. Why would they tax empty homes??

[lanforod]

Lucky for them there's no shortage of land over there like there is in Canada and the US.

 

But aastra, Canada has a land shortage! We can't allow that gravel pit in the ALR to have racist single family houses on it!  And that one precious oak tree is far too rare to make room for those rowhomes! We can't afford to give up any government land, we must buy jazz clubs and broke restaurants to ensure our spending quota is met!

Edited by lanforod, 19 March 2024 - 08:56 PM.

[Matt R.]

Sorry, who’s buying restaurants? Asking for a friend.

[Mike K.]

From the Province:
 

Homes will be in reach for more people in B.C. as first-time homebuyers can now save thousands of dollars more, and new measures are put in place to encourage new home and rental construction.
 
“Everyone wants to find a home they can afford and build a good life in the community they love, but high property prices and interest rates have made this harder,” said Katrine Conroy, Minister of Finance. “We are taking action on the housing crisis at every opportunity. By making it easier for people to purchase their first home and encouraging home and rental building, we’re building on our actions to make housing more affordable and available for families across B.C.”
 
As part of Budget 2024, the threshold for the first-time homebuyers’ program has increased from $500,000 to $835,000 to help more people buy their first home. Starting April 1, 2024, qualifying individuals buying homes up to $835,000 now receive an exemption on the property transfer tax on the first $500,000 of the home’s value. Qualifying individuals can get a reduced exemption for qualifying homes valued between $835,000 and $860,000.
 
An estimated 14,500 people, twice as many as previously, will be able to own their first home while saving up to $8,000 in property transfer tax.

 

Oh my.
 
The PTT isn't charged in places like Alberta. Why does BC continue to charge this tax, which essentially taxes moving? It's a huge hit on the pocket, and drives up the cost of real-estate.

 

If a starter home now is expected to be around $835,000, a 20% down payment is equal to $167,000. Add closing costs, and you're at $180,000, or thereabouts.

 

Now you've got a mortgage of about $668,000. At today's rates, that about $4,200/month, not including property taxes, or insurance, or strata.
 

To encourage the construction of new homes and support families to take the next step in homeownership, the threshold for the newly built home exemption increases from $750,000 to $1.1 million. This is expected to boost new home building and help 10,400 individuals and families move up the property ladder every year, 2,400 more than in previous years.
 
To support the delivery of more rental homes, purchasers of qualifying new purpose-built rental buildings of four units or more, purchased between Jan. 1, 2025, and Dec. 31, 2030, may qualify for an exemption from the general property tax. This means that those purchasing a purpose-built rental building valued at $10 million could save $278,000 in general property transfer taxes. These buildings must be held as rentals for a minimum of 10 years.
 
“These new property transfer tax thresholds will definitely benefit our first-time homebuyers,” said Laurie Lidstone, chair of the Victoria Real Estate Board. “Buying a home is one of the biggest and most important purchases a person makes in their lifetime. Anything to make that first home more attainable is fabulous.”

[lanforod]

It'll end up being a hit on our pockets either way - because if the province doesn't get this revenue... they either have a bigger deficit which we pay for long term, or they raise revenues some other way via taxation.

[Mike K.]

There have got to be revenue cuts. We cannot continue on like this. We simply cannot.

[m3m]

I’m fine with the PTT. Adds like $11 to my mortgage every month. Whatever.

I’d be happier with it if they:
- raised the lower bracket to something much higher. It’s been at $200k for as long as I remember.
- raised the percentage on properties over $3 million
- earmarked the PTT revenue towards affordable housing initiatives.